Business Barbados 2022

vision of a fossil free Barbados by 2030. With strategic purpose, inclusion at a policy level and intentional effort, the design and implementation of an effective and sustainable Barbados philanthropic eco-system is within reach. This can be done through the establishment of a Barbados Third Sector Renewable Energy Investment and Development Fund or “Social Solar Fund”, along with conditions, incentives and policy measures that support the fund and sector. Such a fund, as proven by the SAF, can generate long-term stable and predictable revenue streams that could be used solely to fund Barbados’ Third Sector Organisations and Enterprises, and by extension, address urgent social needs while contributing to the achievement of National Energy Policy goals – namely “Environment”, “Entrepreneurship” and “Economic Enfranchisement”. The current social and economic landscape suggests that this is a unique and timely opportunity for the commercial revenue to help the charity achieve sustainability. Despite being fortunate to have had the support of many generous philanthropists with strong Barbados connections, as shown in the SAF model, philanthropy alone is not enough to help every valuable charity achieve the sustainability it needs to thrive and make a long-term difference. Donor-led capacity building efforts of development agencies and foundations are much needed and have helped, but are often limited by their project-based mandate. What is required is more consistent, developmental, systems-change resource support (Ashoka, McKinsey & Company, et al, 2020). The realization of a philanthropic ecosystem framework for Barbados requires public, private and third sector partnership and can harness capabilities and resources that ensure long-term sustainability and viability while contributing to realizing the national Above: Figure 2: SAF’s diversified financial model evolved (2017) with the introduction of its Renewable Energy (RE) Project. The model involves the third, private and public sectors. 1 The triple bottom line is a framework which measures an organization’s performance in 3 dimensions: people, profit and planet. BUSINESS BARBADOS 2022 112 D E S I G N I N G A S U S T A I N A B L E P H I L A N T H R O P I C E C O S Y S T E M